Khaleej Times

IDB to launch Dh37 billion sukuk on Nasdaq Dubai

The Islamic Development Bank (IDB) has announced that it intends to list Dh37 billion sukuk programme on Nasdaq Dubai. The move represents a momentous addition to the constant successes of ‘Dubai the Capital of Islamic Economy’ initiative. Dr Ahmad Mohamed Ali Al Madani, president of the IDB, said that Dubai’s exchange and regulatory architecture together with its commitment to providing Islamic finance solutions of high quality make it a natural home for IDB's securities. It is noteworthy that Dubai capital markets have successfully attracted sukuk issues of Dh46 billion since the launch of ‘Dubai, the global sukuk centre’, and this number is expected to reach Dh60 billion by year end.

Most employees prefer to work for CSR focused firms

Just above 95 per cent of employees in the Middle East Africa region believe corporate social responsibility (CSR) is very important and are keen to engage in more community service work, according to survey. Almost 90 per cent of the respondents in the survey consider CSR to be a moral responsibility for corporations. The survey found that respondents across the Mena region are eager to dedicate themselves to CSR work, with 73 per cent preferring to give time and effort towards charitable causes rather than merely donating money. According to the survey, respondents would like their company to be involved in helping the poor or those with special needs (51.2 per cent), providing free education and scholarships (20.4 per cent) and saving or protecting the environment (11.2 per cent).

Dubai SME set to host UAE’s first ?World Entrepreneurship Forum

Dubai SME has signed a memorandum of understanding (MoU) with the World Entrepreneurship Forum to host the UAE chapter of the Forum to promote entrepreneurial idea exchange and networking in the region. Dubai will be the first city in the Middle East to host a local chapter of the World Entrepreneurship Forum in December 2013. Dubai SME will be responsible for co-ordinating the local chapter through co-shaping policy ideas with regional key stakeholders to influence change and advancing entrepreneurship as a core strategy for socio-economic development. The Forum brings together key actors of the entrepreneurial ecosystem from a pool of entrepreneurs, social entrepreneurs, stakeholders, service providers, experts, academics, and politicians selected for their contribution and impact to society.

SIB to host cultural activities

Competitions for cash prizes as well as Islamic lectures will be part of the activities at the Sharjah Islamic Bank’s (SIB) Ramadan Tent this year. For the seventh consecutive year, from July 11 to 25, the tent will feature various religious awareness and entertaining programmes as well as engagement activities, delivered by an elite group of Muslim scholars and experts. As part of this year’s programme, SIB has prepared a wide range of cultural activities and competitions titled “Who will encash the cheque”, and allocated several cash and material prizes. There will also be a Quran recitation competition, a “Social Awareness Night”, a children’s night, an Emirati evening with religious singing, an evening dedicated to people with special needs and radio broadcasts on Sharjah Radio.

Wealth creation is faster in Middle East: HNWIs

A majority of high net worth individuals (HNWIs) in the Middle East believe wealth creation is faster today than in the past, according to the latest report of Barclays Wealth Insights. Over half (60%) of respondents in the Middle East agreed that wealth can be created faster today than in the past, in comparison to 43 per cent in Europe and 31 per cent in North America. Interestingly, more than half (54%) of Middle Eastern respondents stated that personal investments have contributed largely to their overall wealth portfolio, compared to other sources of income such as inheritance at 49 per cent. In terms of how this wealth is used, HNWIs in the Middle East have a tendency to allocate more of their resources to personal property than to tangible assets and collectibles. Many HNWIs around the world now prefer to give their money to family and friends and charitable causes in their lifetime rather than as inheritance, the report revealed.

Islamic Economy Higher Committee tackles plans

The initiative to transform Dubai into the world’s capital of the Islamic economy is progressing steadily towards the goals as scheduled, said Mohammed Abdullah Al Gergawi, Chairman of Dubai’s Islamic Economy Higher Committee. During its meeting, the committee viewed the work of its major teams tasked with implementing the initiative. The meetings provide an opportunity to discuss the role of these sectors in the implementation of the initiative, he added. All strategic partners and experts are included in these meetings and workshops so as to exchange views and ideas on the initiative, and reach a form of fruitful and constructive cooperation. Dubai’s Islamic economy platform includes finance instruments, insurance, contracts arbitration, Islamic food industry and trade standards (halal food), and quality management standards.

Family takaful to hit $5.6b by 2016

According to a report released at the opening of the 8th Annual World Takaful Conference (WTC) in Dubai on Monday, the growth of family takaful has outperformed the growth in conventional life insurance, with an annual growth rate of 32 per cent. Its gross contributions are set to treble to $5.6 billion by 2016. However, the latest industry data reveals a slight deceleration in the growth rates. A critical factor that will determine the industry's success is the existence of players with the right quality, as well their readiness to respond to new market opportunities. The report addresses the increased need for a pertinent reference source to help industry leaders navigate the evolving family takaful landscape.

Sukuks to make UAE a top-ranked economy

A new initiative to transform Dubai into a global hub for sukuks is aimed at positioning the UAE as a top-ranked economy in the world, according to His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Dubai is planning to achieve its goal through a series of initiatives and programmes which in turn will activate the role of Islamic economy in the economy. Moreover, the necessary organisational framework will be completed and national cadres and experts mobilised to give this sector the anticipated momentum.

Nakheel pays additional Dh206m to creditors

The real estate developer Nakheel on Tuesday announced that it paid an additional Dh206 million to its creditors as part of its debt restructuring. The funds, due to be paid at the end of February 2013 in accordance with the developer’s financial restructuring commitments, bring the total loan interest and trade creditor sukuk profit paid to Dh923 million since restructuring. According to Nakheel chairman Ali Rashid Lootah, The company is in a good financial position and has about $600 million of cash on its balance sheet.

Project finance demand up

This year, contracts worth $159 billion are to be awarded across the Middle East. Project finance loans are expected to grow almost 15% this year. It is expected that the area of project finance will grow from about $35 billion in 2012 to about $40 billion due to the increase in significance of infrastructure demand. On February 17-20 the Qatar Projects 2013 conference will be held in Doha, organized by Meed Events. The key part of the event will be a comprehensive review of contract financing opportunities and challenges in Qatar.

ADIB financial education at Global Village

According to a recent announcement, Abu Dhabi Islamic Bank (ADIB) has achieved a huge number of the Global Village visitors through its Financial Education Campaign. As the main sponsor of the campaign for the second year, ADIB supports the event as part of its strategy to help and promote initiatives launched by the government endorsing the UAE’s tourism and entertainment industries. Some of the exclusive services the bank offers at the venue are providing ATMs as well as setting up specially designed mobile branches. There, visitors have the opportunity to receive information about financial management and ADIB’s unique products and service.

Upturn spurs rally of first perpetual bond

The debut perpetual sukuk of Abu Dhabi Islamic Bank have rallied since their sale last month on bets the lender is well positioned to capitalise on the emirate’s economic upturn, even though debt of emerging market peers dropped. Since their issuance on November 8th, the dollar-denominated Islamic bonds yielded 6.05% on Thursday, December 27th , down 33 basis points, or 0.33 percentage point. The average yield on HSBC/Nasdaq Dubai’s US Dollar Sukuk Financial Services Index gained 17 basis points to 2.9% over the same period.

UAE ranks third in Islamic assets with $75b: Report

It is estimated that the total Islamic assets of the UAE are worth $75 billion. This sum puts the country on the third place regarding the global market for the Shariah-based banking industry. The worldwide assets in this area are expected to reach $1.8 trillion in 2013. The world's leader in Islamic assets is Saudi Arabia with an estimated total of $207 billion for 2011. The Islamic banking industry continues its rise as the top 20 Islamic banks grew 16% in the past three years.

Dh5.6m to help 249 needy families

The Dubai Islamic Humanitarian Foundation donated a sum of Dh5.6 million altogether which was to help 249 families during the past nine months. The money was used to cover school fees for children of 183 families, buy dialysis units and ultrasound imaging equipment for four hospitals, etc.

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Al Jazira sign deal with Al Hilal Bank

Al Jazira and Al Hilal Bank signed a sponsorship contract which starts with this seasons and continues for three years. Since Barclays Bank and Al Jazira put an end to their association, it was the perfect moment for Al Hilal Bank to come on board. Due to recent sponsorship, the logo of Al Hilal Bank will be seen on the UAE Olympic football team's apparel, the players dugout and other signage at the club’s facilities.

Aabar-led group plans Islamic bank in Oman

A group from Aabar Investments plans to set up the first Islamic bank in Oman - Al Izz Islamic Bank. The promotion of the bank is conducted under the supervision of Abu Dhabi's Aabar , Oman's Huriah Company and Dubai-based Tasameem Real Estate Company. The bank's role will be to provide comprehensive business and retail Islamic banking solutions in accordance with Omani law.

National Bonds celebrates World Savings Day

National Bonds Corporation PJSC celebrated World Savings Day, which falls on Monday October 31, with a host of activities with the purpose at engaging the public and spreading awareness on the importance of savings.
The popular scheme held awareness sessions at universities across Dubai to commemorate the day and also set up a charity football tournament. The places where the awareness sessions were held are: Dubai Knowledge Village, Zayed University and Dubai International Academy.


Amlak Finance to Pay $33 Million Coupon on January 18 for 2010 Sukuk

Dubai-based mortgage lender Amlak Finance will make its semi-annual coupon payment for its 2010 Sukuk on January 18.

Sukuk sales may reach record on Gulf demand

Sukuk sales may rebound and reach a record this year, with the Gulf accounting for about two-thirds of the debt issued as higher yields attract investors according to NCB Capital. There is an estimated ‘pipeline’ of about USD 39.3 bn of so-called sukuk, Jarmo Kotilaine, chief economist at Saudi Arabia’s NCB Capital, said in a report. He estimates the pipeline from the Gulf Cooperation Council to be USD 24.6 bn.

The average extra yield on corporate and government sukuk above the London interbank offered rate is 12.26 % points, up from 5.76 % points a year ago, according to HSBC-Nasdaq Dubai indexes.

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